|
Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
9 Months Ended |
|
Sep. 30, 2014
|
| Earnings Per Share [Line Items] |
|
| Summary of calculation of numerator and denominator in basic and diluted earnings per share |
Summaries of the numerator and denominator for purposes of basic and diluted EPS calculations are set forth below (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Numerator: |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
13,727 |
|
|
$ |
10,974 |
|
|
$ |
28,635 |
|
|
$ |
22,404 |
|
Gain on sales of real estate, net |
10,630 |
|
|
— |
|
|
10,630 |
|
|
2,683 |
|
Preferred share dividends |
(3,553 |
) |
|
(4,490 |
) |
|
(12,387 |
) |
|
(15,481 |
) |
Issuance costs associated with redeemed preferred shares |
— |
|
|
— |
|
|
(1,769 |
) |
|
(2,904 |
) |
Income from continuing operations attributable to noncontrolling interests |
(1,820 |
) |
|
(1,456 |
) |
|
(3,923 |
) |
|
(2,710 |
) |
Income from continuing operations attributable to restricted shares |
(103 |
) |
|
(97 |
) |
|
(332 |
) |
|
(317 |
) |
Numerator for basic and diluted EPS from continuing operations attributable to COPT common shareholders |
$ |
18,881 |
|
|
$ |
4,931 |
|
|
$ |
20,854 |
|
|
$ |
3,675 |
|
Discontinued operations |
191 |
|
|
(12,974 |
) |
|
4 |
|
|
(16,215 |
) |
Discontinued operations attributable to noncontrolling interests |
(8 |
) |
|
492 |
|
|
5 |
|
|
529 |
|
Numerator for basic and diluted EPS on net income (loss) attributable to COPT common shareholders |
$ |
19,064 |
|
|
$ |
(7,551 |
) |
|
$ |
20,863 |
|
|
$ |
(12,011 |
) |
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
87,290 |
|
|
86,760 |
|
|
87,196 |
|
|
84,547 |
|
Dilutive effect of share-based compensation awards |
195 |
|
|
— |
|
|
169 |
|
|
— |
|
Denominator for diluted EPS (common shares) |
87,485 |
|
|
86,760 |
|
|
87,365 |
|
|
84,547 |
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to COPT common shareholders |
$ |
0.22 |
|
|
$ |
0.06 |
|
|
$ |
0.24 |
|
|
$ |
0.04 |
|
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
(0.15 |
) |
|
0.00 |
|
|
(0.18 |
) |
Net income (loss) attributable to COPT common shareholders |
$ |
0.22 |
|
|
$ |
(0.09 |
) |
|
$ |
0.24 |
|
|
$ |
(0.14 |
) |
Diluted EPS: |
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to COPT common shareholders |
$ |
0.22 |
|
|
$ |
0.06 |
|
|
$ |
0.24 |
|
|
$ |
0.04 |
|
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
(0.15 |
) |
|
0.00 |
|
|
(0.18 |
) |
Net income (loss) attributable to COPT common shareholders |
$ |
0.22 |
|
|
$ |
(0.09 |
) |
|
$ |
0.24 |
|
|
$ |
(0.14 |
) |
|
| Schedule of securities excluded from computation of diluted earnings per share |
Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Excluded from Denominator |
|
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Conversion of common units |
3,876 |
|
|
3,804 |
|
|
3,915 |
|
|
3,832 |
|
Conversion of Series I Preferred Units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K Preferred Shares |
434 |
|
|
434 |
|
|
434 |
|
|
434 |
|
|
|
Corporate Office Properties, L.P.
|
|
| Earnings Per Share [Line Items] |
|
| Summary of calculation of numerator and denominator in basic and diluted earnings per share |
Summaries of the numerator and denominator for purposes of basic and diluted EPU calculations are set forth below (in thousands, except per unit data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Numerator: |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
13,727 |
|
|
$ |
10,974 |
|
|
$ |
28,635 |
|
|
$ |
22,404 |
|
Gain on sales of real estate, net |
10,630 |
|
|
— |
|
|
10,630 |
|
|
2,683 |
|
Preferred unit distributions |
(3,718 |
) |
|
(4,655 |
) |
|
(12,882 |
) |
|
(15,976 |
) |
Issuance costs associated with redeemed preferred units |
— |
|
|
— |
|
|
(1,769 |
) |
|
(2,904 |
) |
Income from continuing operations attributable to noncontrolling interests |
(897 |
) |
|
(986 |
) |
|
(2,476 |
) |
|
(2,025 |
) |
Income from continuing operations attributable to restricted units |
(103 |
) |
|
(97 |
) |
|
(332 |
) |
|
(317 |
) |
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders |
$ |
19,639 |
|
|
$ |
5,236 |
|
|
$ |
21,806 |
|
|
$ |
3,865 |
|
Discontinued operations |
191 |
|
|
(12,974 |
) |
|
4 |
|
|
(16,215 |
) |
Discontinued operations attributable to noncontrolling interests |
— |
|
|
(49 |
) |
|
5 |
|
|
(147 |
) |
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders |
$ |
19,830 |
|
|
$ |
(7,787 |
) |
|
$ |
21,815 |
|
|
$ |
(12,497 |
) |
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
91,166 |
|
|
90,564 |
|
|
91,111 |
|
|
88,379 |
|
Dilutive effect of share-based compensation awards |
195 |
|
|
— |
|
|
169 |
|
|
— |
|
Denominator for basic and diluted EPU (common units) |
91,361 |
|
|
90,564 |
|
|
91,280 |
|
|
88,379 |
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to COPLP common unitholders |
$ |
0.22 |
|
|
$ |
0.06 |
|
|
$ |
0.24 |
|
|
$ |
0.04 |
|
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
(0.15 |
) |
|
0.00 |
|
|
(0.18 |
) |
Net income (loss) attributable to COPLP common unitholders |
$ |
0.22 |
|
|
$ |
(0.09 |
) |
|
$ |
0.24 |
|
|
$ |
(0.14 |
) |
Diluted EPU: |
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to COPLP common unitholders |
$ |
0.22 |
|
|
$ |
0.06 |
|
|
$ |
0.24 |
|
|
$ |
0.04 |
|
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
(0.15 |
) |
|
0.00 |
|
|
(0.18 |
) |
Net income (loss) attributable to COPLP common unitholders |
$ |
0.22 |
|
|
$ |
(0.09 |
) |
|
$ |
0.24 |
|
|
$ |
(0.14 |
) |
|
| Schedule of securities excluded from computation of diluted earnings per share |
Our diluted EPU computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPU for the respective periods (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Units Excluded from Denominator |
|
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Conversion of Series I preferred units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
434 |
|
|
434 |
|
|
434 |
|
|
434 |
|
|